China Gezhouba Group acquires land in Lingshui of Hainan for RMB 2.47b
China Gezhouba Group Co Ltd today announced that it has won the bid for a piece of land in Lingshui County, Hainan Province for RMB 2.47 billion.
The company intends to build a hotel on the site, and the parcel's area is 374,200 square meters or 561.3 mu.
An analyst said that Hainan is in a comparative downturn property market in June. The province's property sales area for the same month declined 20.56% year on year and it also suffered a year-on-year decrease of 29.18% in sales revenue.
The Shanghai-listed firm, a subsidiary of state-owned China Gezhouba Group Corp, reaped RMB 326.23 million in net profit in the first quarter of this year, reflecting a year-on-year increase of 26.33%, and its total assets were RMB 45.04 billion as of Mar. 31.
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